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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4188
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My parents who live in Ireland own a farm but have now retired.

Customer Question

My parents who live in Ireland own a farm but have now retired. They want to give me some land from the farm. What are the tax ramifications (if any) for me and/or my parents if they give me this land as a gift. I was born in Ireland but have resided in the UK since 1989.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Gifts are outside the scope of UK taxation. The UK does not have a gifts tax regime. Just than your lucky stars you don't live in France where gifts tax kicks in at 5K Euros! Under Irish tax law the ramifications are rather different. Here is the Advice from the Irish Revenue authorities: 'The tax is charged on the taxable value of the gift or inheritance. The taxable value is arrived at by deducting from the market value of the property comprised in the gift or inheritance permissible debts and incumbrances and any consideration paid by the beneficiary.Once the taxable value of the gift or inheritance has been determined the amount of tax payable will depend on whether the appropriate tax-free threshold has been exceeded. The rates of tax are as follows-The threshold amount - NilExcess 33%'The first 3K Euros are tax free. However this gift would appear to come under Group A of the Capital Acquisitions Tax and the first 225K Euros would escape the tax. I do hope my reply has been of assistance.
Customer: replied 2 years ago.
Thank you for this advice Keith. This is helpful
Expert:  bigduckontax replied 2 years ago.
Delighted to have been of assistance. Please be so kind as to rate me before you leave the Just Answer site.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your Support.